• The Korean Journal of Financial Management
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• v.8 no.1
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• pp.179-197
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• 1991

선도환의 가격을 결정하는 접근방법에는 2차자산(derivative assets)이라는 선도계약의 기본특성에 기초한 재정거래(arbitrage)에 의한 방법이 가장 많이 이용되고 있다. 재정거래방식에는 선도환과 현물외환가격간의 상호관련성에 의하여 선도환가격을 이자율평가설(covered interest rate parity : CIRP), 즉 현물가격과 양국간의 이자율차이의 합으로 표시하고 있다. 특히 현물가격과 이자율은 모두 현재시점에서 의사결정자에게 알려져 있기때문에 선도환가격은 확실성하에서 결정되어 미래에 대한 예측이나 투자자의 위험회피도와는 관계없이 결정된다는 것이 특징이다. 이자율평가설에 관한 많은 실증연구는 거래 비용을 고려한 경우 현실적으로 적절하다고 보고 있다(Frenkel and Levich ; 1975, 1977). 다른 방법으로는 선도환의 미래예측기능에만 촛점을 맞추어 가격결정을 하는 투기, 예측접근방법(speculative efficiency approach : 이하에서는 SEA라 함)이 있다. 이 방법 중에서 가장 단순한 형태로 표시된 가설, 즉 '선도환가격은 미래기대현물가격과 같다'는 가설은 대부분의 실증분석에서 기각되고 있다. 이에 따라 SEA에서는 선도환가격이 미래에 대한 기대치뿐만 아니라 위험프리미엄까지 함께 포함하고 있다는 새로운 가설을 설정하고 이에 대한 실증분석을 진행한다. 이 가설은 이론적 모형에서 출발한 것이 아니기 때문에, 특히 기대치와 위험프레미엄 모두가 측정 불가능하다는 점으로 인하여 실증분석상 많은 어려움을 겪게 된다. 이러한 어려움을 피하기 위하여 많은 연구에서는 이자율평가설을 이용하여 선도환가격에 포함된 위험프레미엄에 대해 추론 내지 그 행태를 설명하려고 한다. 이자율평가설을 이용하여 분석모형을 설정하고 실증분석을 하는 것은 몇가지 근본적인 문제점을 내포하고 있다. 먼저, 앞서 지적한 바와 같이 이자율평가설을 가정한다는 것은 SEA에서 주된 관심이 되는 미래예측이나 위험프레미엄과는 관계없이 선도가격이 결정 된다는 것을 의미한다. 따라서 이자율평가설을 가정하여 설정된 분석모형은 선도환시장의 효율성이나 균형가격결정에 대한 시사점을 제공할 수 없다는 것을 의미한다. 즉, 가정한 시장효율성을 실증분석을 통하여 다시 검증하려는 것과 같다. 이러한 개념적 차원에서의 문제점 이외에도 실증분석에서의 추정상의 문제점 또한 존재한다. 대부분의 연구들이 현물자산의 균형가격결정모형에 이자율평가설을 추가로 결합하기 때문에 이러한 방법으로 설정한 분석모형은 그 기초가 되는 현물가격모형과는 달리 자의적 조작이 가능한 형태로 나타나며 이를 이용한 모수의 추정은 불필요한 편기(bias)를 가지게 된다. 본 연구에서는 이러한 실증분석상의 편기에 관한 문제점이 명확하고 구체적으로 나타나는 Mark(1985)의 실증연구를 재분석하고 실증자료를 통하여 위험회피도의 추정치에 편기가 발생하는 근본원인이 이자율평가설을 부적절하게 사용하는데 있다는 것을 확인 하고자 한다. 실증분석결과는 본문의 <표 1>에 제시되어 있으며 그 내용을 간략하게 요약하면 다음과 같다. (A) 실증분석모형 : 본 연구에서는 다기간 자산가격결정모형중에서 대표적인 Lucas (1978)모형을 직접 사용한다. $$1={\beta}\;E_t[\frac{U'(C_{t+1})\;P_t\;s_{t+1}}{U'(C_t)\;P_{t+1}\;s_t}]$$ (2) $U'(c_t)$와 $P_t$는 t시점에서의 소비에 대한 한계효용과 소비재의 가격을, $s_t$와 $f_t$는 외환의 현물과 선도가격을, $E_t$와 ${\beta}$는 조건부 기대치와 시간할인계수를 나타낸다. Mark는 위의 식 (2)를 이자율평가설과 결합한 다음의 모형 (4)를 사용한다. $$0=E_t[\frac{U'(C_{t+1})\;P_t\;(s_{t+1}-f_t)}{U'(C_t)\;P_{t+1}\;s_t}]$$ (4) (B) 실증분석의 결과 위험회피계수 ${\gamma}$의 추정치 : Mark의 경우에는 ${\gamma}$의 추정치의 값이 0에서 50.38까지 매우 큰 폭의 변화를 보이고 있다. 특히 비내구성제품의 소비량과 선도프레미엄을 사용한 경우 ${\gamma}$의 추정치의 값은 17.51로 비정상적으로 높게 나타난다. 반면에 본 연구에서는 추정치가 1.3으로 주식시장자료를 사용한 다른 연구결과와 비슷한 수준이다. ${\gamma}$추정치의 정확도 : Mark에서는 추정치의 표준오차가 최소 15.65에서 최대 42.43으로 매우 높은 반면 본 연구에서는 0.3에서 0.5수준으로 상대적으로 매우 정확한 추정 결과를 보여주고 있다. 모형의 정확도 : 모형 (4)에 대한 적합도 검증은 시용된 도구변수(instrumental variables)의 종류에 따라 크게 차이가 난다. 시차변수(lagged variables)를 사용하지 않고 현재소비와 선도프레미엄만을 사용할 경우 모형 (4)는 2.8% 또는 2.3% 유의수준에서 기각되는 반면 모형 (2)는 5% 유의수준에서 기각되지 않는다. 위와같은 실증분석의 결과는 앞서 논의한 바와 같이 이자율평가설을 사용하여 균형자산가격 결정모형을 변형시킴으로써 불필요한 편기를 발생시킨다는 것을 명확하게 보여주는 것이다.

• Journal of Nutrition and Health
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• v.45 no.6
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• pp.541-551
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• 2012

In our previous work, we reported consumers' perceptions of body shape and weight control. In an ongoing effort, we analyzed the purchasing behavior, intake patterns, future purchasing decisions, and degree of satisfaction in individuals consuming dietary formula for weight control (DF) or heath/functional foods (HFFs) by using the same survey questions. Portfolio analysis for marketing strategy was also investigated. Subjects were divided into two groups according to consumption of DF or HFF during the previous year : DF group (n = 89) and HFF group (n = 110). Average intake frequency was $1.7{\pm}0.7$ per day for HFFs and $1.5{\pm}0.9$ per day for the DF, and the most prevalent form was pill (58.2%) for HFFs and bar (42.7%) for DF. Duration of intake was $3.1{\pm}2.3$ months for HFFs versus $3.9{\pm}3.5$ months for DF. The average degree of satisfaction was $3.6{\pm}0.6$ on a 5-point scale, meaning 'relatively satisfied'. For the weight control method to be used in the future, 44.5% of the HFF group selected 'HFFs' while 47.2% of the DF group selected 'DF', showing a tendency to use the current product type in the future. The average planned period for the intake was $3.8{\pm}3.7$ months for HFFs and $3.0{\pm}2.4$ months for DF (p < 0.05). The HFF group emphasized efficacy, functional ingredients of the products, reliable products, and higher satisfaction, whereas the DF group emphasized the added materials in addition to weight control effects.

• Journal of Korea Port Economic Association
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• v.23 no.3
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• pp.165-184
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• 2007

This study reviews the concept and protection system for the geographical Indication(GI) to support the Korea-EU FTA. A geographical indication(GI) is a name or sign used on certain products or which corresponds to a specific geographical indication or origin (eg. a town, region, or country). The use of a GI may act as a certification that the product possesses certain qualities, or enjoys a certain reputation, due to its geographical origin. In the WTO Agreement on Trade-Related Aspects of Intellectual property Rights("TRIPS"). There are, in effect, two basic obligations from Article 22 to article 23 on WTO member governments relating to GIs in the TRIPS agreement. Geographical Indications have long been associated with Europe as an entity, where there is a tradition of associating certain food products with particular regions, Under European Union Law, the protected designation of origin system which came into effect in 1992 and 2003 regulates the following geographical indications: Protected designation of origin(PDO) and protected geographical indication(PGI) and Traditional Specialty Guaranteed(TSG). They have 5,000 articles for GI. We have the GI system and 40 articles rotating to registration by the law for quality management of production in agriculture. Cinclusinally, geographical indications could potentially serve as tools to helf holders of trade benefit more equitable through the mutual Acceptance for Korea-EU FTA.

• Journal of Mushroom
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• v.17 no.4
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• pp.224-229
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• 2019

The two most common mushroom species grown in Korea are pearl oyster mushroom (Pleurotus ostreatus) and king oyster mushroom (P. eryngii). In recent years, the production of king oyster mushroom greatly increased due to the automation of the cultivation facilities, and it became a major export mushroom owing to its excellent shelf life. However, the increase in the production of king oyster mushroom led to a decline in its market price; thus, necessitating the development of new mushroom species that could replace king oyster mushroom, to diversify the mushroom market for the benefit of both, the producers and the consumers. The Mushroom division at the National Institute of Horticultural & Herbal Science (NIHHS) reported the development of a new interspecific hybrid between P. ferulae and P. tuoliensis, referred to as 'Creamy.' Two parental strains KMCC00430 (Bisan2ho, P. ferulae) and KMCC00461 (P. tuoliensis) were selected based on the results of genetic resource analysis, and their monokaryons were collected. About 1,000 Mon-Mon crosses were performed and 73 of them were selected. Following repeated cultivation tests and strain analyses, we selected strain 7773, which had a bright creamy pileus and a thick straight stipe, and named it 'Creamy.' Optimum temperature for mycelial growth of Creamy was 25-30℃, and that for fruiting body growth was 16℃. The pileus, which had a brighter creamy color, was small in size with a diameter of 61.2 mm. Although it was cultivated in suboptimal conditions, such as low temperature and high CO₂ concentration, Creamy was characterized by its straight and smooth stipe. Field production tests and further analyses indicated that the yield of Creamy was 5% higher than that of Baekhwang. It is expected that Creamy, the new interspecific hybrid with a bright creamy pileus and a pleasant flavor, will help create new opportunities for mushroom farmers and diversify the mushroom market.

• Korean Journal of Social Welfare
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• v.53
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• pp.31-49
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• 2003

Neo-liberalism, the most influential ideology in the current world, argues for the commercialization of social security programs and for the dissolution of the interventionist welfare state. From the neo-liberal viewpoint, social services become more efficient and more advantageous for recipients, when provided by the market, not by the state. It is also argued that the welfare of all social members is best secured when the market freely operates without any interference from the state. From the neo-liberal point of view, an argument was raised to commercialize the state-administered Workers' Compensation program of Korea in the mid-1990s. This argument was faced with strong resistances from labor unions and social welfare circles, and has disappeared since the economic breakdown and the restructuring of Korean society during the late 1990s. Butr, such an argument can emerge anytime as the nee-liberal ideology become more powerful. This article aims to examine the neo-liberal argument that the privatization of social security programs, through an increases in efficiency, improves the interests of the recipients as well as the whole society. For this, this article attempts to analyze the Workers' Compensation programs of the USA, which, from state to state, are administered by the state government or by private insurance companies. This study can serve as an effective critique for the neo-liberal argument, if it finds that state-administered Workers' Compensation programs are more efficient than those managed by insurance companies. This article's another aim is to assess the controversies over the privatization of the Workers' Compensation program of Korea during the mid to late 1990s. The controversies were more about which viewpoint is right and, in most cases, lacked empirical evidence. This study shall empirically criticize the argument for the privatization of the Workers' Compensation program.

• Journal of the Korean Society of Food Culture
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• v.3 no.2
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• pp.187-195
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• 1988

In accordance with the rapidly growing number of street food service without a registration, a study was undertaken to determine the present state of food service by the covered wagon bar, through an investigation in Jamwondong, around the south gate market and Kangnam subway station, in Seoul, between July 25th and August 25th of 1987. The survey was comprised of three parts: 1) foodservice operation in covered wagon, 2) personal and food handling hygiene, 3) food behaviors of customers. A total of 54 covered wagon bars, consisting of 51.8% mobile bars and 48.2% non-mobile bars, operating in the above three locations, were investigated. Survey results show non-mobile covered wagon bars to be more popular among persons in their thrities and fourties than among teens or the elderly; also among males than females; among company employees and college students than others. Seventy five percent of the mobile covered wagon bars served snack type foods and others served wine and foods for wine, in contrast to hundred percent of the non-mobile covered wagon bars served wine and foods for wine. The survey found many problems of hygiene, in method of food purchasing, menu planning, food preparation, dish washing treatment of leftovers and water supply, as well as personal hygiene. However, customers prefer the casual and popular atmosphere at the counter of the covered wagon bar. Finally, the study emphasizes a need for better operation of covered wagon bar, improvement of food stuff handling and the way of food services and personal hygiene. A change of the registration system from the illegal operation are urgently needed for better quality food services of covered wagon bars.

• Journal of Service Research and Studies
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• v.13 no.2
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• pp.41-61
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• 2023

The universal form of life in the era of the 4th industrial revolution can probably be summarized as the keyword "non-face-to-face". In particular, in terms of consumption activities, face-to-face contact is gradually changing to a system that minimizes, and offline stores are rapidly changing to non-contact services through kiosks and robots. The social structure is also changing with the passage of time, and most fundamentally, our dietary consumption patterns are changing. In particular, the increase in single-person households and the aging population are having a great impact on changes in the food service industry, which is closely related to dietary life. The HMR (Home Meal Replacement) market has grown significantly as the labor of cooking at home has decreased and the use of substitute foods has increased. As the size of the market has grown, the types of businesses that provide products have also diversified. The development of technology, non-face-to-face culture, and corporate management efficiency are intertwined, and unmanned stores are spreading recently. In this study, service quality attributes of HMR unmanned stores, where competition is gradually intensifying, are classified, and service quality classification using the Kano model and Timko's customer satisfaction coefficient are calculated to provide implications for service management based on customer satisfaction. As a result of the analysis, 'products with short cooking time' and 'variety of products (menu)' were classified as attractive qualities, and 'cleanliness inside/outside of the store' and 'products at reasonable prices' were classified as unified quality. In addition, 'convenience of self-checkout process' was classified as a natural quality, and 'convenience of in-store passage' was classified as an indifferent quality. Furthermore, when the service factor was satisfied within the HMR unmanned store, the factor with the highest satisfaction coefficient was 'product (menu) variety', and the factor with the highest dissatisfaction factor was 'convenience of self-checkout process'. Through the results of this study, it is intended to derive priorities in service quality management of HMR unmanned stores and provide strategic implications for related businesses.

• Knowledge Management Research
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• v.24 no.1
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• pp.245-271
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• 2023

The change to the data economy requires a new analysis beyond ordinary research in the management field. Data matching refers to a technique or processing method that combines data sets collected from different samples with the same population. In this study, statistical matching was performed using random hotdeck and Mahalanobis distance functions using 2020 Survey of Korea Venture Firms and 2020 Korea Innovation Survey datas. Among the variables used for statistical matching simulation, the industry and the number of workers were set to be completely consistent, and region, business power, listed market, and sales were set as common variables. Simulation verification was confirmed by mean test and kernel density. As a result of the analysis, it was confirmed that statistical matching was appropriate because there was a difference in the average test, but a similar pattern was shown in the kernel density. This result attempted to expand the spectrum of the research method by experimenting with a data matching research methodology that has not been sufficiently attempted in the management field, and suggests implications in terms of data utilization and diversity.

• Journal of Mushroom
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• v.21 no.3
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• pp.132-139
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• 2023

Light plays an important role in fruit-body development and morphology during Pleurotus spp. cultivation. To understand the effects of light color on fruit-body properties, we evaluated the fruit-body characteristics of Pleurotus spp. Varieties cultivated under blue, red, and purple LED light sources. The main results are as follows: The overall fruit-body shape showed differences depending on the color of the LED light. The fruit-bodies of mushroom cultivated under blue and purple light were generally similar to the mushroom shapes typically produced, while those of mushroom cultivated under green light were abnormally shaped, probably due to the absence of effective light source. The average cap lightness of mushrooms cultivated under blue, green, and purple LED lights was 57.0, 57.4, and 59.4, respectively. The average cap lightness of all varieties except Wonhyeong1ho and Hwang-geumsantari cultivated under the three LED light sources were statistically significantly different (P<0.05). The cap redness varied significantly depending on the LED lighting and variety. Only Gonji7hoM, the cap color mutant of Gonji7ho, showed negative cap redness values under all three LED light sources. Among the eight varieties excluding Gonji7ho, the highest cap redness was observed when cultivated under the blue LED. The average harvest weight of the varieties cultivated under purple, blue, and green LED light were 68.0, 58.3, and 50.1 g, respectively. The yield of Gonji7ho, the mushroom variety with the highest yield, cultivated under blue, green, and purple LED light were 92.8, 77.1, and 98.6 g, respectively. The earliness when grown under the purple, blue, and green LED lights were 5.3, 5.8, and 5.8 days, respectively. Among the varieties, six, three, and two cultivars showed the shortest earliness under the purple, green, and blue LED, respectively. The fruit-body lengths were 66.4, 51.8, and 46.8 mm when cultivated under green, purple, and blue lights, respectively. These results are expected to serve as a foundation for producing mushrooms with traits demanded in the market.

• Journal of Industrial Convergence
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• v.22 no.2
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• pp.73-83
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• 2024

The purpose of this study is to diagnose various problems arising around social enterprises in the sport field from the perspective of the organization and derive necessary tasks and implications. In order to achieve the purpose of the study, the study was largely divided into three stages, and the results were derived. First, the main status and characteristics of social enterprises in the sport field were examined. The current status was analyzed focusing on aspects such as background and origin, legislation and policy, organizational goals, organizational structure and procedures, and organizational characteristics. Social enterprises in the sport sector were in their early stages, and the government's social enterprise policy goal tended to focus on increasing the number of social enterprises in a short period of time through financial input. In addition, it was found that most individual companies rely on government subsidy support due to insufficient profit generation capacity. In the second stage, we focused on the situational factors that affect the functional performance of social enterprises in the sport field. As a result of reviewing the value, ideology, technology, and history of the organization, which are situational factors, it was derived that when certified as a social enterprise in the sport field and supported by the central government or local governments, political control is strong to some extent and exposure to the market is not severe. In the last third step, tasks and implications were derived to form an appropriate organization for social enterprises in the sport field. After the social enterprise ecosystem in the sport sector has been established to some extent, it is necessary to gradually move from the current "government-type" organization to the "national enterprise" organization. This is true in light of the government's limited financial level, not in the short term, but in order for the organization of social enterprises in the sports sector to survive in the long term.